Ghana: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Ghana

In 2021, the Ghanian aqueous paint and varnish market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, recorded a perceptible curtailment. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports from Ghana

In 2021, approx. X tons of paints and varnishes dispersed or dissolved in an aqueous medium were exported from Ghana; with an increase of 63% against the previous year. In general, exports showed significant growth. The pace of growth appeared the most rapid in 2015 with an increase of 423%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in the immediate term.

In value terms, aqueous paint and varnish exports stood at $X in 2021. Over the period under review, exports saw a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 361%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Benin (X tons) was the main destination for aqueous paint and varnish exports from Ghana, with a 92% share of total exports. It was followed by Senegal (X tons), with a 2.9% share of total exports. The third position in this ranking was taken by Cote d'Ivoire (X tons), with a 2.1% share.

From 2012 to 2021, the average annual growth rate of volume to Benin totaled +79.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Senegal (+26.4% per year) and Cote d'Ivoire (+176.6% per year).

In value terms, Benin ($X) emerged as the key foreign market for paints and varnishes dispersed or dissolved in an aqueous medium exports from Ghana, comprising 72% of total exports. The second position in the ranking was held by Senegal ($X), with a 13% share of total exports. It was followed by Cote d'Ivoire, with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Benin totaled +68.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Senegal (+28.1% per year) and Cote d'Ivoire (+121.7% per year).

Export Prices by Country

In 2021, the average aqueous paint and varnish export price amounted to $X per ton, with a decrease of -35.8% against the previous year. In general, the export price recorded a deep downturn. The pace of growth was the most pronounced in 2016 an increase of 43% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Senegal ($X per ton), while the average price for exports to Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+7.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports into Ghana

In 2021, purchases abroad of paints and varnishes dispersed or dissolved in an aqueous medium was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 77% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, aqueous paint and varnish imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate notable growth. The pace of growth appeared the most rapid in 2017 when imports increased by 72% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Cote d'Ivoire (X tons) constituted the largest aqueous paint and varnish supplier to Ghana, accounting for a 25% share of total imports. Moreover, aqueous paint and varnish imports from Cote d'Ivoire exceeded the figures recorded by the second-largest supplier, Brazil (X tons), twofold. The third position in this ranking was held by the United Arab Emirates (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Cote d'Ivoire stood at +23.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+11.1% per year) and the United Arab Emirates (+17.4% per year).

In value terms, the largest aqueous paint and varnish suppliers to Ghana were Cote d'Ivoire ($X), Brazil ($X) and South Africa ($X), with a combined 40% share of total imports. These countries were followed by China, the United Arab Emirates, Canada, the UK, the United States, Turkey, Australia, Poland, the Netherlands and Indonesia, which together accounted for a further 41%.

Turkey, with a CAGR of +49.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average aqueous paint and varnish import price amounted to $X per ton, rising by 2.7% against the previous year. In general, import price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, aqueous paint and varnish import price increased by +12.6% against 2018 indices. The growth pace was the most rapid in 2014 when the average import price increased by 62% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+15.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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